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 Posted: Mon May 25, 2009 3:24 am Post subject: Life Insurance with a non-resident beneficiary |
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Hello, I am a US resident and I want to buy life insurance for myself and the beneficiary to be my son (14 y.o.) but because he's a minor, I want to name as beneficiary a member of my family (residing in Europe); (he lived with me, being a US resident also, and now he went to live with his father in Spain).
I don't want my ex-husband to be the beneficiary and that's why I want someone from my family, who I can totally trust. What options do I have? Thank you, Bea |
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beatrixx2000
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| Posted: Mon May 25, 2009 6:00 am Post subject: |
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Hi beatrixx2000,
| Quote: | | I don't want my ex-husband to be the beneficiary and that's why I want someone from my family, who I can totally trust. What options do I have? |
It's not about trusting your family member to be the beneficiary on behalf of your child. What happens if you'd choose your sister to be the one and she gets a divorce eventually? Don't you think that the distribution of property would be affected by the funds?
On the other hand, you might get a beneficiary in the form of a trust. The assets would only be there to support your child rather than anyone else. It could really be a flexible trust for you wherein the terms would allow the trustee to manage your assets till the appropriate time comes.
Now, don't you think it's safe?
Steven |
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steven
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| Posted: Mon May 25, 2009 11:53 am Post subject: |
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beatrixx2000
| Quote: | | What options do I have? |
You have 'all' of the options...you can name anyone you want as beneficary...as Steven has pointed out...if you have a child(ren)...you want to protect them...just naming a relative doesn't automatically do that....I don't think that their US residency is a requirement to be a beneficary on any life policy...so that shouldn't worry you what should worry you, is making sure ('if' you have children) that they get what you want them to have...a trust is the way to go for that assurance. If you have no children that you are concerned with protecting...them name whomever you want, (also name a contingent beneficary as well).
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Lori
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| Posted: Tue May 26, 2009 9:09 am Post subject: |
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Beatrix, if you want your son to be the beneficiary of the policy, go ahead. Laws won't stop anyone from naming a minor as beneficiary of a life plan, but its heavily discouraged since death benefits aren't paid directly to minor children. You should appoint someone as the guardian of the child or set up a trust which would hold the money for the child.
Ask your agent and he should be able to offer you better guidance. You may need to mention the appointment of the guardianship or the trust in your will.
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anonymous 12
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| Posted: Thu May 28, 2009 6:09 am Post subject: |
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Thank you all for the answers; Your replies are very informative.
Beatrix
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Beatrix
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| Posted: Thu May 28, 2009 6:22 am Post subject: |
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Beatrix
In my opinion you can name a beneficiary as your son and till the time he turns 18 you can appoint any person to whom you trust irrespective of nationality as appointee.
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amit
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| Posted: Tue Jun 16, 2009 4:54 am Post subject: lifeinsurance |
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Hi, my husband is going to change is policy from his ex-wife, and he wants to change the policy and he told me that I put you as a trust person and my son is beneficiary. He told me you have this life insurance with my kid after my death. What does it mean. Does he mean that he use me as a trust person or .... His son is 19 years old. thanks
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nicky
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| Posted: Tue Jun 16, 2009 10:46 am Post subject: |
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| Quote: | | What does it mean. |
I'm not real sure or clear...why don't you ask him...he is your husband right? | Quote: | | Does he mean that he use me as a trust person or .... |
Sounds like it but I doubt there is a need now, since... | Quote: | | His son is 19 years old. |
His boy is old enough to be the named beneficary now..
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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